Jan 24, 2017 08:31 AM EST
How Investing in Higher Education Pays Off
The rising cost of higher education is one of the major reasons why many people find it discouraging to pursue higher education, not to mention the apparent lack of full time or stable jobs for college graduates. These things have left many people wondering whether it is still a good and smart decision to invest in college education after all.
However, a new study from the Pew Research Center suggests that college still pays, according to Entrepreneur, that even if the tuition fees in private institutions rise faster than inflation rates, a college degree is still proven to be the best possible investment future earnings.
College educated millennials are 89 percent more likely to be hired for full time jobs compared to those who do not hold a degree. They are also able to significantly earn more money than the adults who were only able to attain high school education.
Although the fact remains that landing a job even with a college degree is not a walk in the park, millennials with only a high school diploma find it even more difficult to land a full time job. That is because the value of education continues to increase. In fact, college educated millennials agree that their college education already paid off, even those who took out a loan to pay for their education.
According to Bloomberg, Federal Reserve Bank of San Francisco even states that a college degree pays off consistently higher lifetime income compared to workers without one and this is based on the data studied for the past four decades. Mary Daly, the bank's associate director of research, and researcher Yifan Cao said that college is indeed an excellent investment for many people as it comes with higher income despite the ups and downs in the economy.
Join the Conversation